Huge untapped potentials in Malaysia-Turkiye’s trade, investment
Malaysia is Turkiye’s largest trading partner in Asean with total trade of RM20.6b in 2022, a growth of 35% from 2021
20/03/2023 (The Malaysia Reserve) - THERE is a huge untapped potential in trade and investment between Turkiye and Malaysia.
Turkiye Ambassador to Malaysia Emir Salim Yuksel said Malaysia is Turkiye’s largest trading partner in Asean with total trade of US$4.7 billion (RM20.59 billion) in 2022, a growth of 35% from 2021.
He said different sectors of Turkish and Malaysian economies interacted, operated and complemented each other, ranging from outer space to the construction business.
“We have elevated our partnership last July from strategic partnership to compressive studies, which means that we have to deepen our relationships, every item and every subject,” he told Bernama at the sideline of the Turkish-Malaysian Trade Delegation Kuala Lumpur 2023 and Business-to-Business (B2B) Meetings event on March 13.
Malaysia and Turkiye signed the Free Trade Agreement (MTFTA), which came into effect on Aug 1, 2015.
The expansion of the MTFTA scope in September last year to include trade in services, investment and e-commerce was another milestone in Malaysia-Turkiye’s economic partnership.
On sectors of focus, Yuksel said Malaysian industries should be paying more attention to the Turkish industries, especially food products, as well as a wide variety of different industrial productions, which could be of interest to the Malaysian industries due to its competitive prices.
Meanwhile, in the opening speech, the Ministry of International Trade and Industry’s deputy secretary general (trade) Hairil Yahri Yaacob said Turkiye remained one of Malaysia’s important trading partners in the West Asian region.